Trulia IPO Opens Up 30%, Leading IPO Wave

Trulia, the operator of a residential real-estate website, is having one of the strongest stock debuts in months, trading more than 30% higher.

Associated Press

The company priced its offering at $17 late Wednesady, above its expected range of between $14 and $16, and then opened at $22.10, up 30%.

It quickly added to those gains, rising as much as 38%, and was recently trading up 32% at $22.44.

San Francisco-based Trulia provides home listings through the Web and mobile applications, and makes money selling subscriptions and advertisements. The company said it had 22 million site users in the first six months of the year, and more than 21,000 paying subscribers.

Trulia competes with Zillow and Realtor.com, a property of Move Inc. . Zillow has managed strong post-IPO stock gains since its offering in July 2011, closing at $45.55 on Wednesday, more than double its $20 IPO price.

Trulia is among the first IPOs to price in more than a month and is the best perfomer of a group of five that went last night.

Before the end-of-summer doldrum, the last IPO to price had been Hi-Crush Partners LP, which jumped 18% in its trading debut on Aug. 16.

J.P. Morgan and Deutsche Bank led the Trulia offering while RBC Capital Markets Needham & Co. and William Blair & Co. were also on the deal.

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